Galaxy Digital CEO Mike Novogratz believes Bitcoin (BTC) could hit a seven-figure price amid growing adoption of the crypto king.
In a new interview on CNBC, Novogratz says Bitcoin has become an “institutionalized macro asset” just like gold or silver.
[adinserter block="1"]According to Novogratz, the rising number of institutional investors putting money into Bitcoin will further draw more investors into an asset with a fixed supply.
“More and more people are realizing this is a story that they want to care about. And so once Larry Fink said BlackRock’s getting behind this, all that pushing the snowball uphill, it started rolling downhill. And now we’ve got all these treasury companies buying Bitcoin, we’ve got sovereign wealth [funds] buying Bitcoin, we’ve got retail investors buying Bitcoin, there are easier ways to get it.
And so the adoption of Bitcoin as a macro asset, as an asset to save money in, I think that’s now a ball rolling downhill.”
The Galaxy Digital CEO says Bitcoin could go up by over 9x from the current level as it increasingly becomes accepted as a store of value by younger generations.
“The bull case becomes that over time, young people care about it more than old people. And so gold slowly gets replaced by Bitcoin. If you look at gold’s market cap and Bitcoin’s market cap, Bitcoin has a long way to go – 10x. And so that’s a $1 million Bitcoin just to be where gold is. And I think gold should go from $3,000 to $10,000.”
Bitcoin is trading at $105,662 at time of writing.
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Featured Image: Shutterstock/Vadim Sadovski
